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A note on socially optimal versus monopolistic exploitation of a renewable resource

✍ Scribed by Rögnvaldur Hannesson


Book ID
112505769
Publisher
Springer Vienna
Year
1983
Tongue
English
Weight
291 KB
Volume
43
Category
Article
ISSN
1617-7134

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## Abstract We study a model for the exploitation of renewable stocks developed in Clark __et al__. (__Econometrica__ 1979; **47**:25–47). In this particular control problem, the control law contains a measurable and an impulsive control component. We formulate Pontryagin's maximum principle for th